IBM Stock Looks Cheap but Wall Street Isn't Buying It Yet

Truist analyst Arvind Ramnani launched coverage on IBM with a Hold rating and $240 price target, implying modest upside. He is constructive on IBM's structural position in enterprise computing but cautious on near-term execution, citing timing uncertainty around AI infrastructure spending and the need for deferred contracts to close without steep discounting. The stock trades at roughly 17 times forward earnings, a slight discount to the S&P 500.